Geely Establishing a New Plant with an Annual Manufacturing Capacity of 30,000 EV’s

China based electric vehicle manufacturer Geely Automobile Holdings Ltd (GELYF) will be building a new plant with a production capacity of 30,000 premium electric vehicles annually. The new plant will be located in the western city of Chongqing and it will be fully managed by a newly registered company.

According to the company’s website, the plant will be producing cars under the premium Polestar marque. Polestar is a Sino-Swedish based electric vehicle manufacturer jointly owned by Geely Automobile and Volvo Car Group (STO: VOLV).

Geely is China’s most popular international automaker, the company owns Volvo Car Group and Lotus. Additionally it has owns almost 50% stake in Proton and another 9.7% stake in Daimler AG.

Geely is listed in the Hong Kong Stock Exchange however the company is preparing for a secondary listing in the Shanghai Stock Exchange.

Currently, Geely produces low-volume Polestar 1 hybrid cars in the western city of Chengdu. It also produces Polestar 2 volume sedans in Taizhou in the east.

Geely is also building another plant in China which it will be using to produce sport utility vehicles under the Lotus marque brand.

Leave a comment